After the crash of LUNA (renamed LUNC), the old native token of the Terra ecosystem, a new blockchain was launched, giving birth to a new token called LUNA 2.0.
After the launch of the Terra 2.0 blockchain, the digital token LUNA 2.0 opened up to $30 on the Bybit exchange. However, the digital asset soon fell massively by 88% to $3.5 and rebounded to settle around $6 but later lost its footing and posted its all-time low of $1.62.
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The good news is that the token has started to show signs of recovery. It’s worth noting that LUNA 2.0 is up 70% since it hit its all-time low. Despite the positive trend, the cryptocurrency is still trading far from the introductory price of $30
At press time, LUNA 2.0 is trading at $2.40, with a relative price increase of 9% over the past 24 hours, according to data from CoinMarketCap.
Has LUNA 2.0 Major recovery started?
As expected, the massive drop in the digital token prompted many investors to start selling as confidence in the crypto project wanes.
However, the market has started to re-establish itself since last week’s recovery got underway. As a result, liquidations began to level off, leading to a dramatic increase in the price of Terra (LUNA 2.0).
Also Read: Founders Of Terra (LUNA) Do Kwon To Investors: Only Hold Beliefs That Stay Constant At 5 Digits Or 1
TerraUSD (UST) and Terra Classic (LUNC) also spiked
Over the past seven days, TerraUSD (UST) is up over 400% despite the increased volatility associated with Terra (LUNA 2.0). According to CoinMarketCap, it is trading at an average price of around $0.00 in 2014. The 24-hour trading volume for UST is $83 million.
Likewise, Terra Classic (LUNC) prices have also increased significantly over the past 24 hours. As a result, LUNC’s market value has increased by $208 million. At the time of writing, LUNC is trading at $0.0001065 according to CoinMarketCap, with the price up about 18% in the last 24 hours.
Meanwhile, Terraform Labs co-founder and CEO Do Kwon remains under scrutiny by the public and authorities for alleged involvement in the collapse of the Terra ecosystem.
Hacktivist group Anonymous has also vowed to ensure Kwon is brought to justice as soon as possible.
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